We’re giving you 5 signs you need to Niche your Business
When you started your business you had big dreams. Life was simple, you enjoyed your small business, had a great work-life balance and then reality hit. You kept adding services and adding more. You still have big goals both financial and personal but you’re insanely busy without the financial results you dreamed of. Trust me, been there struggled at that, and still keep the t-shirt to remind me never to go back! Now I’m sharing with you 5 signs you need to Niche your Business!
Don’t you wish you could narrow down your offerings and just be really good at one or two things? Have time to daydream, and create the work you love again? It’s possible, and I do in fact live in the real world, where I managed to build a mult-six figure empire with just two offerings. (I’ll refer to any service you provide as an offering, like mine is a photography offering) Before I got here, I had to realize it was time to niche in my business.
The first sign you need to Niche your business…
You are working all the time. You wake up early you go to bed late, and you can’t seem to breathe to get ahead. We tend to stack out new offerings ,on top of new offerings. Thinking out business will simply do itself faster, make more money and hit the goals we’re told we need to hit. (I could go deep on goals, but that’s for another blog) When in reality we end up working a lot more, burn out, and start to hate what we once loved to do. If you find yourself consistently working on so many different projects you have no time to live & enjoy your life, you need to Niche your business. Become an expert in your offering, charge more, and start balancing your life.
Where’s the money…
You are always working and one of two things is happening. You’re either a) selling left and right but still don’t have the money you desire or b) you’re not selling enough. Both of these scenarios happen when you add too many offerings to your business. Offering more in your business doesn’t always lead to money, in fact, it can end up costing you a lot of money. Let alone overselling and never having time for your actual life. Niching down can help you streamline and charge more for your services.
The third sign you need to Niche your business…
Burnout. It’s a whole damn sentence because it feels that powerful. If you’ve hit it, are in it, or feel it coming on, you need to niche. The more hats you try to wear, the less effort you can dedicate to the right one. We all face burnout at some point, we have to. If we didn’t we wouldn’t know what to avoid. You will at some point hit burnout. It’s the unfortunate result of our hustle culture. The good news, you can niche your business and give your offerings a chance to shine. With fewer projects, larger budgets, and more creative space niching is an excellent way to skip the burnout train every year.
‘I don’t feel the passion anymore’
No this isn’t a steamy Colleen Hoover novel (even tho we all love them), I’m talking about losing the passion for your work. As a photographer, when you begin taking on every type of photography to ‘pay the bills’ or ‘grow the business’ you end up hating all those photographer hats you have to wear. When I used to photograph everything under the sun, I didn’t feel passionate about all of those different types of work, but I still had to perform the work. Get what I’m saying? Here’s a better example: I loved couples & wedding photography, like deep in my soul loved it. At the time I was photographing families, birthing, newborns, pets, and everything else under the sun. The photography I loved got the same effort or less as all the rest. It took a toll on my love for photography. I’d get so stressed about the sessions I didn’t love, and by the time I had a couple in front of my camera I was worn out.
I could go on and on with signs that you should niche your business, but these four are usually the top. These hit home for most all small businesses, regardless of industry. In personal experience with the wedding industry these four or most always sure signs it’s time to Niche your business.